Last week’s economic reporting included readings on sales of new and previously owned homes. State and federal data on new and continuing jobless claims were released along with Freddie Mac’s weekly report on mortgage rates.
Sales of New and Existing Homes Rise in June
Sales of new homes rose at their highest rate in 13 years according to the Commerce Department. New homes sold at a seasonally-adjusted annual pace of 776,000 sales, which exceeded the expected reading of 710.000 new single-family homes sold and May’s reading of 682,000 new homes sold. Analysts said that increased interest in relocating to suburban areas and low mortgage rates fueled buyer interest in new homes.
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Appraisals are important because they protect not only the seller and buyer but also the lender. The lender wants to make sure they know what the property is worth. Therefore, an appraisal is more about valuing the property and not about the price of the home.
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There are many people who set buying a home as one of their major life goals. There is a lot that comes with owning a home including a major investment opportunity, a sense of stability, and a feeling of pride; however, homes are also expensive. It can be challenging to find a home loan.
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Buying a home is a huge step for people who are ready to make an investment in their future. Getting a great deal on a home is just as important and knowing how much to offer could be confusing.
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Millennials are among the most common demographic buying homes today. According to numerous reports that have been published, many homeowners are planning on conducting a home improvement project this year. In large part, this is due to millennials wanting to improve their homes. Furthermore, home improvement projects may have bigger budgets this year when compared to prior years. It will be interesting to see what kind of home improvement projects unfold this coming year.
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Last week’s economic reports included readings from the National Association of Home Builders on housing markets along with Commerce Department data on housing starts and building permits issued. Weekly reports on mortgage rates and unemployment claims were also released.
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The era of social distancing has impacted everyone and this has left people wondering how they are going to maintain control over their sanity. The positive news is that social distancing doesnât mean that people have to stay inside at all times. There are still ways to go outside and remain socially distant. Check out a few fun activities that people can do together while still social distancing.
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Congratulations on moving into your new house! But hold on. Now that the house is yours, there are a few things you’ll want to do in order to make life in your new home more comfortable and secure. Before you plan your housewarming party, here is a list of the first things you should do after you move in.
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The purchase agreement is a vitally important document that outlines the provisions, terms and conditions for the transfer of property. It should be read carefully and any ambiguities should be clarified prior to signing.
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Size matters when you are buying a new home. Whether you plan to expand your family, need more room for your stuff, or are concerned with resale value, you want to get the most space for your money.
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